Hello Mark: It is hard to believe, but I am investing in a non-reporting company. The financials on this company are very thin because this is a very lean operation. It is probable that Peter Boonen will move on in a soon to be announced management reorganization. He was acting as president and is now a director. (BTW, Peter is a finance guy who saw a great opportunity in Dr. Stamm's technology and had the guts to act on it.) I believe that Mr Taylor, the COB, is quite serious about putting mineral resource people in key positions. I am hoping for a UPR guy.
The float for this company is 5mm shares.
Peter holds 5.5mm.shares. 3.4mm of which is 144 stock with a 2 year restriction. The rest can be sold at 1% every 90 days.
Dr. Stamm holds 6mm shares. It is 144 stock with a two year restriction.
There is an individual with 800,000 shares who has probably been the primary culprit for the persistent sell-off over the past month.
What cash they have, they secured through financing. In February, they received $1.25mm for their Rother #1 drilling. Once that is used up, they have to chase around for more or go belly up. It is that simple.
If their results are positive they will receive approximately $800K for exploration costs and 50% of drilling costs which should come to @150K.
It sounds like they will negotiate percentages on the resoruces extracted, but I could not locate the exact number or agreement. If someone knows please let us know. 35% sounds right, but I am not sure. Most of this info is contained in Mad Monk's interview with Peter Boonen.
A few interesting threads are:
#363
#372
#374
#380
#420 Interview with Peter Boonen (Director) Part I
#428 Interview with Peter Boonen (Director) Part II
#447 Peter Boonen's Fax
Also anything by Per, Gerald or Phil Curry. Of course those by Soros and Mad Monk are classics in the art of living, investing and being.
I have a feeling that things are going to get very interesting over the next few days. Hang on tight.
marty |
